is a procedure allowing the associates of enterprises operating in real economy
to receive an allocation of the capitals necessary to the enterprise
development by playing on its economic potential and also to improve its rating
according to the analysis provided by the New Basilea Agreement (Basilea II) in
force beginning from 2007.
Recapital procedure provides two contextual operations: an investment by the
enterprise financed on normal market conditions and an unrepeatable allocation
to the associates, higher than the actual cost of the investment carried out by
investment of the enterprise must concern capital goods useful to its activity
and can be financed by loan, leasing, long-term rent or other financing
techniques. The allocation to the associates can be carried out as a payment
for personal goods, as way of advance for the purchase of shares, or for
several other reasons.
associates receive the allocation just after the payment of the invoice
regarding the goods, by the enterprise or the leasing or rental company.
procedure has no risk for the enterprise or for the associates and features
maximum transparency and absolute legitimacy.
the Recapital procedure you will be able to obtain economic and financial
economic benefit is equal to the difference between net associates allocation
and enterprise investment effective cost.
the cost of the investment fiscally deductible, the actual financing cost to
the enterprise is considered the difference between goods purchasing price plus
interests (or total amount of the leasing installments or renting freight
rates) minus the relative fiscal saving.
an example, if the financing cost to the enterprise was equal to 100 in goods
price plus 15 in interests, the actual cost would be 115 minus 45 in saved
taxes, therefore 70. And if the net associate allocation was 90, the economic
benefit would be 20, that?s without considering the interests the same
financial benefit is immediate and also overall.
immediate financial benefit is the same allocation minus the eventual leasing
advanced installment. Substantially, according to the above stated example, the
associates would receive 90 while the enterprise wouldn?t have to pay anything
or 10 or 15 worth in advanced leasing instalment.
total financial benefit is equal to the economic benefit. In fact, totally, the
enterprise should pay 115 minus 45, that is 70, while the associates would
Basilea II, the operation affects the quantitative analysis of the
financial-economic data. In fact, as caused by the procedure, the enterprise
capability to produce income resources increases; the ratio between own means
and indebtedness improves, which also represents a qualitative improvement, by
representing an increase of the associates trust towards the enterprise. In
all, the operation improves considerably the rating of the enterprise.